Arta Finance, a fintech co-founded by former Google Pay executive Caesar Sengupta, received $90 million in Series A fundraising on Wednesday.
The substantial investment is a significant endorsement for a company that aspires to provide the same tools to the young and wealthy that a family office provides to the exceedingly wealthy.
Arta will be launched in August 2021, with funding from Sequoia Capital India, Ribbit Capital, Coatue, Betsy Cohen, and former Google CEO Eric Schmidt. The company’s valuation was not disclosed.
Initially, the company would target those in technology who are accredited investors in the United States.
The concept of creating a digital family office for the young and wealthy is not new. But what distinguishes Arta is its attempt to combine multiple distinct financial products into a single wealth management platform.
Companies such as Vise and Ethic, for example, strive to automate investing, whereas SecFi lends to employees who have equity but lack cash. Meanwhile, Equi bills itself as a digital family office that provides alternative investing.
Arta intends to do all of this under one roof, having bought Money Mix earlier this year, which will display users’ multiple investment and banking accounts on one platform.
Sengupta claims that the company raised more money than it needed due to the volatile macroeconomic climate. Conventional wisdom holds that companies should raise funds for a year to two years of runway; Sengupta raised funds for six years.
